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Forums » Seeking Financing, Money, or Loans » Need downpayment on a great performing apt bld in Michigan

Need downpayment on a great performing apt bld in Michigan Subscribe to Need downpayment on a great performing apt bld in Michigan

5 posts by 3 users

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Troy Stange

Real Estate Investor · Portland, Oregon


Forum_avatar_avatar-troystange

Icon_minipost Apr 16 '09, 03:01 AM

Hi
I'm in need of $150K for a downpayment on a very well-performing $650K 62 unit multifamily building in Michigan. It was taken over by the bank and they've done a lot of improvements since.

They're asking $650K and it cash flows $101K/year. They're asking for $125K down, but I wanted $25K in reserves.

I've found a private lender that wants $10K in fees and $800 non refundable fees whether they lend to you or not and I don't like the sounds of that. Can anyone here do any better? I'd rather work with people in this group if possible.

Thanks in advance,
Troy

Edited: 06/26/2010 at 07:56AM


Robert Gough

Real Estate Investor · Rochester, New York


Forum_avatar_avatar-robert_g

Icon_minipost Apr 17 '09, 09:31 AM

Troy,

DON'T EVER PAY LARGE UPFRONT FEES TO A LENDER!!

If you need $150k for a $650k purchase, then it looks like you are putting almost nothing down and looking for ~ 80% ltv loan. We can easlly provide you with an 80%+ LTV ( actually over 90%) but we need to discuss what you are bringing to the table. No "skin in the game"? Do you have any experience and how's the credit? We can assist with a JV partner, which it looks as if you will need. PM me for more info..

Edited: 06/26/2010 at 07:58AM


Ruth Carson

Real Estate Investor


Forum_avatar_avatar-rupockets1

Icon_minipost Apr 21 '09, 06:55 AM

Have had no personal business contact for deals but just passing this along. http://www.lighthousecapitalfunding.net/terms.htm

Edited: 06/26/2010 at 08:00AM


Troy Stange

Real Estate Investor · Portland, Oregon


Forum_avatar_avatar-troystange

Icon_minipost Apr 22 '09, 12:18 AM

Thanks for the link Ruth. I'll check it out.

Edited: 06/26/2010 at 08:00AM


Troy Stange

Real Estate Investor · Portland, Oregon


Forum_avatar_avatar-troystange

Icon_minipost Apr 22 '09, 12:19 AM

Robert, can you accept my collegue request so I can PM you or call me at (phone number removed)?

Thanks

Edited: 06/26/2010 at 08:00AM by Moderator


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